Stock market adds just 1 company to ‘W1tr club’ last year

The South Korean stock market saw only one listed firm join its 1 trillion won ($849 million) market capitalization club last year, reflecting the overall sluggish performance, according to the Korea Exchange on Wednesday.The local stock market operator said in its report that there were 194 listed companies in the exclusive club at the end of last year, just one more than the previous year.Seoul’s benchmark Kospi welcomed three new big caps, for a total of 168. The tech-laden secondary Ko

MarketJan. 8, 2020

[CES 2020] Korean electronics giants pack technology into cars

LAS VEGAS -- Samsung Electronics and LG Electronics boasted their technological prowess with up-to-date developments of connected car platforms exhibited at the world’s biggest technology show that kicked off Tuesday.LG Electronics showcased a connected car model for the first time this year at the Consumer Electronics Show 2020 in Las Vegas. The company exhibited the connected car model, co-designed with automotive seating supplier Adient, next to the AI ThinQ zone at its booth, offering

TechnologyJan. 8, 2020

Some 180,000 fans visit BTS pop-up store in Seoul

Some 180,000 fans visited a BTS pop-up store during its 80-day run in Seoul, the management agency of the K-pop boy band said Wednesday. The pop-up store, "House of BTS," operated from Oct. 18 till Sunday in the bustling commercial and entertainment district of Gangnam in southern Seoul to entertain fans with BTS merchandise and exhibitions. About 2,200 fans were admitted to the four-story shopping and entertainment complex each day during the 80-day run and the pop-up store was abuzz

PerformanceJan. 8, 2020

PM nominee attends parliamentary confirmation hearing for second day

Prime minister nominee Chung Sye-kyun attended a parliamentary confirmation hearing for the second day on Wednesday, with lawmakers zeroing in on his qualifications and ethical standards.A day earlier, his career as former National Assembly speaker was mainly targeted by opposition lawmakers due to concerns that the nomination of the ex-parliamentary speaker to the No. 2 Cabinet post could hamper the principle of separation of powers.On Wednesday, the main opposition Liberty Korea Party continue

PoliticsJan. 8, 2020

[Exclusive] CJ HealthCare to reinvent itself under Kolmar by April

CJ HealthCare, which was acquired by Kolmar Korea -- the 10th-largest pharmaceutical company in South Korea -- for around 1.3 trillion won ($1.2 billion) in 2018, will be rebranded by April to show its affiliation with the parent company, sources told The Korea Herald on Wednesday.As per the acquisition deal, CJ HealthCare was allowed to retain its name for two years to maintain its corporate image for sales promotion.According to sources, the company is now actively considering to change its na

IndustryJan. 8, 2020

LG sees record high revenue but earnings dip 10%

LG Electronics said Wednesday its fourth-quarter operating profit is expected to have increased by more than 30 percent from a year earlier, but the performance was below analyst expectations. The annual sales, however, are expected to reach an annual record high of 62.31 trillion won ($53.22 billion), up 1.6 percent from a year earlier. The operating profit will be around 2.4 trillion won for the whole of last year, a year-over-year decline of 10 percent, in the firm’s regulatory fil

TechnologyJan. 8, 2020

[CES 2020] SK Telecom partners with HK-based EV brand Byton

South Korean mobile carrier SK Telecom said Tuesday it has signed a memorandum of agreement with Hong Kong-based all-electric vehicle brand Byton to cooperate on next-generation mobility. The two companies signed an MOU at the Consumer Electronics Show in Las Vegas, the world’s largest annual tech show that is currently underway.Last year, Byton’s parent company, Future Mobility, signed a deal with Korea’s Myongshin to build electric sport utility vehicles in Korea -- with

TechnologyJan. 8, 2020

[CES 2020] Samsung to roll out robots around June: CEO

Samsung Electronics is planning on commercializing a new robot in June or July this year, said Kim Hyun-suk, chief executive officer of Samsung’s consumer electronics division.  During a press conference held Tuesday at Caesars Palace in Las Vegas, Kim said the new robot would be the third or fourth Project Prism product. Project Prism is the company’s personalized electronics platform. For wider access, the price of the robot will be similar to that of a large washing machine f

TechnologyJan. 8, 2020

Minister confirms frontloading of public spending

South Korea has allocated more than 60 percent of its state budget for the first half of the year, in a rush to revitalize the stalled economy through active fiscal spending, the finance minister said Wednesday.Though this latest figure was down from an earlier suggested target of 71 percent, the government said the front-loading policy was crucial to achieve an economic rebound. “(The government) will make all-out efforts to execute the economic revitalizing budget as swiftly as poss

EconomyJan. 8, 2020

Korean construction firms on alert following Iran’s missile attack against US

Following Iran’s latest attack against American military bases in Iraq, Korean construction companies operating projects in the Middle East are on high alert, according to industry sources Wednesday.Along with safety concerns, industry officials also worry that the security situation in Iraq and Iran would influence Korean construction companies that sought to secure more orders in the region. South Korea’s Ministry of Land, Infrastructure and Transport said it is working with the Mi

IndustryJan. 8, 2020

Koreans spend on reading habits

Many Koreans are willing to spend money to achieve their New Year’s goal to read more books.Around 12.25 percent of Koreans said that their top New Year’s goal is to achieve personal development, mainly through reading books, according to online survey platform Now N Survey. Buying a house, at 17 percent, topped the list of responses in the survey conducted among 1,420 people from Dec. 10 to Jan. 7. Setting up a goal is the easy part; good habits are hard to form. In market rese

PeopleJan. 8, 2020

SK hynix hits all-time high on improved market outlook

Shares in SK hynix Inc., the world's second-largest DRAM maker, traded at an all-time high on Wednesday on expectations that the chipmaking sector is set to improve this year after bottoming out in the fourth quarter of last year.SK hynix finished at 97,400 won ($83.18) on Wednesday, up 3.62 percent from the previous session's close, bucking a 1.11 percent dip in the benchmark KOSPI. The shares touched a record high of 99,500 won at 11:15 a.m., the highest-ever quotation. Investors bet that the

MarketJan. 8, 2020

[CES 2020] Chung Euisun leads aggressive mobility drive with global firms

Hyundai Motor Group’s Executive Vice Chairman Chung Euisun has been highlighting the conglomerate’s transformation into a mobility solution provider by partnering with global firms in the industry. South Korea’s top auto group said Wednesday that it sealed a partnership with Uber at Consumer Electronics Show 2020 in Las Vegas, to develop an urban air mobility business and create “the world’s top personal air vehicle.” “Based on the collaboration with Ube

MobilityJan. 8, 2020

Boy band Infinite's Sung-kyu discharged from military

Kim Sung-kyu, the leader of boy band Infinite, will return to show business following his discharge from the military Wednesday.Kim, also known by his stage name Sungkyu, officially completed his 20-month defense duty at the Army 22nd Division in Goseong, Gangwon Province.Some 1,300 fans from China, Japan and Southeast Asian countries, as well as at home, visited the site of his military discharge to greet him. Sungkyu's side arranged a small event for the visiting fans at a sports arena in the

PerformanceJan. 8, 2020

Iranian state TV says 80 "American terrorists" killed in Iran missile strikes

DUBAI (Reuters) -- Iranian state television said on Wednesday that at least 80 "American terrorists" were killed in attacks involving 15 missiles Tehran launched on US targets in Iraq, adding that none of the missiles were intercepted.State TV, citing a senior Revolutionary Guards source, also said Iran had 100 other targets in the region in its sights if Washington took any retaliatory measures.  It also said US helicopters and military equipment were "severely damaged"

World NewsJan. 8, 2020

Seoul to work with Tokyo to resolve forced labor issue

Seoul’s Ministry of Foreign Affairs said Wednesday that it is willing to work with Japan to find a solution to the issue of compensation for victims of wartime forced labor, after Korean and Japanese lawyers proposed establishing a consultative body to support victims. 　“The government is open to discussing various reasonable solutions on the issue of forced labor, while respecting the decision of the judiciary, and considering the rights of victims and the bilateral relationship bet

Foreign AffairsJan. 8, 2020

S. Korea closely watching Middle East developments after Iran’s rocket attack

South Korea has been closely watching developments in the Middle East after Iran launched strikes on US troops in Iraq, while preparing for measures to ensure the safety of its troops and citizens in the region, officials said Wednesday.Early Wednesday, Iran fired missiles targeting two Iraqi bases that house US troops in retaliation for the US airstrike last week that killed a top Iranian general.“We have been exchanging related information with the US defense department,” a Ministr

Foreign AffairsJan. 8, 2020

Cheong Wa Dae says it's receiving real-time briefings on Iran situations

Cheong Wa Dae said Wednesday it's keeping a close watch on the current situations involving Iran, taking relevant reports on a real-time basis.With regard to what's going on there, the government, led by the Ministry of Foreign Affairs, is "in close consultations" with local authorities with a top priority on the security and safety of South Korean nationals, according to Cheong Wa Dae spokesperson Ko Min-jung. She added the presidential office is receiving "real-time reports and

PoliticsJan. 8, 2020

Iran state TV says Ukrainian airplane crashes near Tehran

TEHRAN (AP) -- A Ukrainian airplane carrying at least 170 people crashed Wednesday near an airport in the capital, Tehran, state TV reported. There was no immediate word on casualties.The plane had taken off from Imam Khomeini International Airport, the report said. The crash is suspected to have been caused by mechanical issues, it added, without elaborating. An investigation team was at the site of the crash in southwestern outskirts of Tehran, civil aviation spokesman Reza Jafarzadeh said. &q

World NewsJan. 8, 2020

US ambassador hopes Seoul sends troops to Strait of Hormuz

US ambassador to South Korea said Tuesday that he hopes Seoul sends forces to the Strait of Hormuz, where tensions have escalated since the US killing of a top Iranian commander last week.“I would hope that Korea will send forces out there,” Amb. Harry Harris said in an interview with broadcaster KBS, adding that South Korea gets so much of its energy from the Middle East.More than 70 percent of South Korea’s crude oil imports are shipped through the Strait of Hormuz.Qassem Sol

Foreign AffairsJan. 8, 2020